December 9, 2022
Rolls-Royce, Raytheon Technologies, General Dynamics & L3Harris

Kommunal Landspensjonskasse, Oslo, excluded 14 controversial weapon producers from its portfolio selling over 1.2 billion Norwegian kroner ($142 million) in equity and bond investments, Kiran Aziz, head of responsible investments, said in an email.

KLP, which has 870.5 billion Norwegian kroner in assets, previously excluded 22 companies due to their involvement in controversial weapon production. Following a reassessment, a further 14 companies were excluded, including Rolls-Royce Holdings, Raytheon Technologies, General Dynamics and L3Harris Technologies.

“We started by looking more closely at how we should practice our ethical guidelines with respect to investment in weapons-producing companies. Then we re-examined the revenues that relevant companies earn from the weapons and defense industries, and assessed them in light of the guidelines for KLP as a responsible investor,” Ms. Aziz said in an email.

Ms. Aziz added that KLP traditionally excluded companies that produce key components for controversial weapons but is now taking a new more stringent approach to producers of aircraft and vessels that have been developed, produced or adapted to launch nuclear weapons.

KLP has sold shares worth just over 1 billion kroner and bonds worth around 200 million kroner, reinvesting assets from excluded companies across developed equities in same regions.

The other excluded companies were: Babcock International Group; China Shipbuilding Industry; Dassault Aviation; Elbit Systems; KBR Inc.; Larsen & Toubro; Leidos Holdings Inc.; Leidos Inc.; Leonardo; and Thales.

KLP, which has 870.5 billion Norwegian kroner in assets, previously excluded 22 companies due to their involvement in controversial weapon production. Following a reassessment, a further 14 companies were excluded, including Rolls-Royce Holdings, Raytheon Technologies, General Dynamics and L3Harris Technologies.

KLP, which has 870.5 billion Norwegian kroner in assets, previously excluded 22 companies due to their involvement in controversial weapon production. Following a reassessment, a further 14 companies were excluded, including Rolls-Royce Holdings, Raytheon Technologies, General Dynamics and L3Harris Technologies.

The other excluded companies were: Babcock International Group; China Shipbuilding Industry; Dassault Aviation; Elbit Systems; KBR Inc.; Larsen & Toubro; Leidos Holdings Inc.; Leidos Inc.; Leonardo; and Thales.

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